San Francisco officials announced that the city is buying five properties across the city to boost affordable housing. The five buildings are expected to produce more than 550 below-market-rate homes for low-income seniors, families and formerly homeless people.
Despite the city’s staggering housing costs, officials have struggled to increase the increasing need for cheaper housing due to high costs and red tape. Buying properties, in addition to building new housing from scratch, has become a way to meet the state-mandated goal of creating 82,000 new homes over the next eight years.
But affordable housing sites in some residential areas have drawn fierce pushback from neighbors who argue that the projects will drive down their property values and quality of life. They have held community meetings and, in some cases, filed lawsuits that have caused delays.
The five sites–worth a total market value of $66.5 million, according to the city–were selected in a competitive bid process earlier this year.
“Delivering affordable housing funding to projects across our entire city is a key part of our strategy to create more housing in San Francisco,” said Mayor London Breed in a press release.
The addresses of the five buildings are 1234 Great Highway in the Sunset District, 650 Divisadero St. in Alamo Square, 250 Laguna Honda Blvd. in Forest Hill, 3300 Mission St. in Bernal Heights and 249 Pennsylvania Ave. in Potrero Hill. Officials said the renovation process on the properties could start as early as 2026, with residents moving in by the end of 2028.